| Description |
1 online resource (25 pages) |
| Series |
IMF working paper ; WP/04/107 |
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IMF working paper ; WP/04/107.
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| Summary |
We use data on the sources of debt finance of U.S. majority-owned foreign affiliates in 53 countries over the period 1983 to 2001 to examine the role of financial market development, and exposure to host country-specific risk on the financing choices of these affiliates. We find that total balance sheets are about four times as large as the cross-border component of foreign direct investment (FDI). The extent of financial leverage through local debt is positively related to host-country corporate tax rates, exchange rate variability, local currency-denominated sales, and financial development. Factors that further the role of local debt reduce that of parent company debt, and through this substitution overall leverage increases |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
International business enterprises -- United States
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Corporations -- United States -- Finance
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Investments, Foreign -- United States
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Business enterprises -- United States -- Finance
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Business enterprises -- Finance
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Corporations -- Finance
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International business enterprises
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Investments, Foreign
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United States
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| Form |
Electronic book
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| Author |
Selin, Sayek, author
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Hyoung, Goo Kang, author
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International Monetary Fund. Policy Development and Review Department, issuing body.
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